While the timeline is vague much like everything else in today’s day and age, there is one small Jaipur-based company that has certainty now – it’s going to mint money selling such smart meters in the coming years.
Genus Power Infrastructure saw its stock spike 17 per cent during the day as the company will be a direct beneficiary of the government’s plans to remove the tardy and overcharging old meters with the smarter ones. The company recently had said that it could make revenues of upwards of Rs. 2,500 crore from selling smart meters. A smart bet, one might say.
BofA hypes up
When a foreign brokerage firm says “buy”, you buy. Or at least that’s how it works in the market these days. Shares of the gold finance company rose 4 per cent as BofA Securities initiated coverage on Manappuram Finance with a “buy” rating and a hypothesis that the company’s gold loan franchise is “grossly undervalued”. That last time we saw such conviction was when MS Dhoni promoted himself higher up the batting order in the 2011 World Cup final to bring the trophy home. One hopes the conviction pays off, just like it did for Dhoni.
ADNOC helps beat the blues
With investors largely neutral to RIL’s $10 billion green energy initiative, the company had to lean on its old petrochemical business to help its stock beat the blues of the past four days. RIL on Tuesday announced a JV with Abu Dhabi National Oil Company to set up a petrochemical plant in Abu Dhabi for which the Indian company will contribute $1.5 billion. The setup is likely to boost RIL’s earnings as it gets to make global standard petchem on the cheap and export it to India, too. Investors were happy to see the old RIL for a moment as the stock rose over 1 per cent.
Riding high!
Shares of packaging and paper companies soared as if the entire country had lined up outside a stationery shop (we are kidding, of course!). The stocks jumped after a stellar set of March quarter numbers from , one of the leading packaging material companies. Its earnings have further strengthened optimism that these companies will continue to benefit from robust e-commerce sales in the country.
